by Summary:
All of the above, of course, is simply the fleshing out of assumptions. We assumeddiminishing productivity in the last hours, we assumed heightened productivity from a shorter working week and we assumed declining marginal utility of goods and services produced. Finally, we assumed a preference for free time over a vanishingly small increment of total income. The point is that each of these assumptions were relatively modest but when combined "add up" to a rather substantial cumulative result. Econospeak"I’m not sure I follow the arithmetic here." Sandwichman
Topics:
Mike Norman considers the following as important: assumptions, economic modeling, productivity, workweek
This could be interesting, too:
All of the above, of course, is simply the fleshing out of assumptions. We assumeddiminishing productivity in the last hours, we assumed heightened productivity from a shorter working week and we assumed declining marginal utility of goods and services produced. Finally, we assumed a preference for free time over a vanishingly small increment of total income. The point is that each of these assumptions were relatively modest but when combined "add up" to a rather substantial cumulative result. Econospeak"I’m not sure I follow the arithmetic here." Sandwichman
Topics:
Mike Norman considers the following as important: assumptions, economic modeling, productivity, workweek
This could be interesting, too:
Mike Norman writes REVIEW ESSAY–The Reformation in Economics: A Deconstruction and Reconstruction of Economic Theory by Philip Pilkington Marc Morgan
Frances Coppola writes A tale of two halves
Frances Coppola writes A tale of two halves
Mike Norman writes Productivity, Labor Complexity, and Wage Determination Procedures — Peter Cooper
All of the above, of course, is simply the fleshing out of assumptions. We assumeddiminishing productivity in the last hours, we assumed heightened productivity from a shorter working week and we assumed declining marginal utility of goods and services produced. Finally, we assumed a preference for free time over a vanishingly small increment of total income. The point is that each of these assumptions were relatively modest but when combined "add up" to a rather substantial cumulative result.Econospeak
"I’m not sure I follow the arithmetic here."
Sandwichman